Albany, NY -- (SBWIRE) -- 09/30/2014 -- This research report provides analytical insights on the ‘global facial recognition market’. The market overview section of the report emphasizes on the market dynamics and trends, which include the drivers, restraints and opportunities and influence the current nature and future growth of the market. The report includes Porter’s five forces analysis for facial recognition market and the market attractiveness analysis, which highlight emerging market segments and competitive scenario across the different levels of the supply chain.

The detailed porter’s five forces analysis helps the market competitors to formulate their business strategies at every stage of their business. Moreover, the market estimates have been analyzed by keeping in mind the several factors which affect the market including but not limited to technological, economical, social, environmental and legal. Impact factors such as market attractiveness analysis has also been explained in this section of the report, in order to give a thorough analysis of the overall competitive scenario in the global facial recognition market.

Facial recognition is a biometric technology used for identification and authentication of people by capturing facial images using a camera and then comparing the captured images with an existing database. These systems perform identification of facial images on the basis of various facial features such as distance between eyes, cheek bones, eye-brows and others. Facial recognition technology is preferred over other biometric techniques such as iris, fingerprint, and voice recognition as it doesn’t requires physical contact with the apparatus and is thus non-intrusive. Moreover, facial recognition technology is easily deployable using existing cameras and monitoring devices. However, facial recognition systems have been facing issues regarding privacy such as data cloning and misuse of personal information. With technological advancements for efficient surveillance systems to monitor rising crime, frauds, and terrorist activities, demand for facial recognition solutions have evolved. These applications include access control, intruder identification and detection of gender, age, and ethnicity, among others.

The global facial recognition market segmentation on the basis of type of technology includes 2D facial recognition technology, 3D facial recognition technology, and facial analytics. 2D is a technology which deals with face recognition of an image based on its two-dimensional appearance. It is widely used technology and has low cost of installation and operation as compared to 3D technology. However, 2D technology fails in its operation if the facial image to be identified varies in light conditions, position and facial expressions. 3D technology overcomes the drawbacks of 2D technology by analyzing a facial image in three-dimensional view. With the use of 3D technology, various drawbacks such as varying angles and environmental conditions are overcome which results in more accurate recognition of facial images. 3D technology includes use of complex algorithms and high-definition (HD). Thus, with growing advancements 3D facial recognition is expected to record fast adoption as compared to 2D facial recognition in near future. Moreover, facial analytics is another emerging technology in facial recognition that deals exclusively with facial expressions.

These different product types find wide applications in government and utilities, military, homeland security, retail, banking, financial services, insurance (BFSI), and others (digital signage, web and mobile applications). Facial recognition systems are majorly used in government sector and law enforcement agencies for security purposes. Furthermore, due to increasing frauds in BFSI sector, facial recognition systems are increasingly being used to ensure security and reduce crimes. Additionally, facial analytics systems are used in retail to determine the age, gender and facial expressions of the guest in order to target them with marketing of suitable products. In terms of geographical distribution, the global facial recognition market has been classified into regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Major players have been profiled with focus on competitive details such as company and financial overview, business strategies, and their recent developments. The players are focused on developing efficient technologies that will result in better surveillance or monitoring of people.

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